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OneConnect, the financial technology subsidiary of Chinese insurance giant Ping An, has updated its filing for an initial public offering (IPO) with the United States Securities and Exchange Commission (SEC).

According to an F-1 filing dated Dec. 2, the firm is looking to sell $500 million worth of shares in its IPO. The recent filing states:

“We expect that we will receive net proceeds of approximately US$438.2 million from this offering, or approximately US$504.6 million if the underwriters exercise their over-allotment option in full.”

Reports circulating in November claimed that OneConnect initially sought approval for a $100 million IPO.

In the filing, the company explains that its platform provides “cloud-native technology solutions” and its “solutions provide technology applications and technology-enabled business services to financial institutions.” 

Overall, OneConnect claims that its services allow customers to increase revenue, manage risks, improve efficiency, enhance service quality and reduce costs.

The firm also claims that at the end of September it had over 3,700 customers, including “all of China’s major banks, 99% of its city commercial banks, and 46% of its insurance companies, collectively reaching hundreds of millions of end-customers.” Technologies employed by the company include artificial intelligence, big data and blockchain.

The current target is much lower than the $1 billion OneConnect sought in a Hong Kong IPO filing earlier this year. 

Bold claims about blockchain performance

The company claims that its blockchain technology can manage up to 50,000 transactions per second with a latency under 0.5 seconds, while also implementing privacy through zero-knowledge proofs. OneConnect’s technology has been used to develop the major blockchain-based trade finance platform eTradeConnect in partnership with the Hong Kong Monetary Authority. 

The documents also claim that OneConnect’s parent firm, Ping An Group, is China’s second-largest financial institution and the sixth-largest in the world by market capitalization. According to company data website Crunchbase, OneConnect has received $650 million in funding so far in a single round led by Japanese telecommunications giant SoftBank.

As the blockchain and cryptocurrency industries are becoming more mature, IPO announcements have become ever more frequent. Last month, Bitcoin mining giant Canaan Creative also held an IPO, which raised $90 million — over 75% less than expected.

Cointelegraph By Adrian Zmudzinski , 2019-12-05 14:17:00 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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